I hate when I have to report on stuff I just don't care about. However, it's big news, because for some reason I'm not particularly privy to, this photosharing service is more popular than god. Yes, Facebook has acquired Instagram. Update: "At the end of the day, that's what Instagram filters are: a crutch, a misguided replacement for a properly composed shot and a decent sensor."

Sure, it's not like it's hard to do but that's not the point.
Facebook could spend 200K (or less) on creating something similar themselves and then try to build a user-base over X number of years, costing them Y number of dollars..
Or they can purchase the company outright and be done with it. Not saying that the company is worth 1 billion (it probably isn't) but that's the train of thought here.